Bristol-Myers Squibb and Eli Lilly and Company have agreed to transfer rights to the cancer drug, Erbitux (cetuximab), in North America, including the US, Canada, and Puerto Rico, from Bristol-Myers Squibb to Lilly. Rights include, but are not limited to, full commercialization and manufacturing operational responsibilities. The companies' decision comes after a 14-year successful collaboration, which includes Lilly's wholly owned subsidiary ImClone LLC. Bristol-Myers Squibb and Lilly will work closely to ensure a smooth transition on this product, which is used to treat certain advanced colorectal and head and neck cancers.

The transition is expected to be completed in the fourth quarter of 2015. Bristol-Myers Squibb will receive tiered royalties based on net product sales in North America after the completion of the transition through September 2018.

Source: Bristol-Myers Squibb